REG - Ascent Resources PLC - Geoenergo Administration: RJOA Status & Claim

Ascent ResourcesAnnouncement

18/04/2024 13:45

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RNS Number : 2098L  Ascent Resources PLC  18 April 2024

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

18 April 2024

Ascent Resources plc

("Ascent" or the "Company")

Geoenergo Administration: RJOA Status & Filing of Claim

Ascent Resources Plc (LON: AST) the onshore American and European focussed
energy and natural resources company, provides an update on Ascent Slovenia
Limited ("ASL") joint venture ("JV") partner Geoenergo d.o.o. ("Geoenergo")
administration.

The Geoenergo administrator ("Administrator") has now informed ASL's lawyers
that the Restated Joint Operating Agreement (the governing document and rules
for the joint venture as amended in 2013) ("RJOA") is terminated under default
rules of Slovenian Obligations Code as of the date of the opening of the
insolvency proceedings. The Administrator has also made an explicit
declaration of withdrawal from the RJOA which needs to be confirmed by the
court. The Administrator has also terminated the service agreement with field
operator Petrol GEO. The Company now expects that the mining right (which is
held by Geoenergo) will be taken on by the Ministry of Natural Resources on or
after 19 April 2024.

ASL has now filed its claim in the Geoenergo insolvency process (the "Claim"),
ahead of the deadline. The Claim is for a total amount of approximately
€11million (inclusive of late interest costs), of which approximately
€3million relates to claims for ASL's share of JV property. This part of the
claim has been filed as a precautionary measure in the event a suitable
termination agreement is not concluded following the Administrator's
termination of the RJOA. The remainder of the Claim relates to monies received
by Geoenergo and owed to ASL ahead of their insolvency. Further announcements
will be made as necessary.

Enquiries:

 Ascent Resources plc                        Via Vigo Communications

 Andrew Dennan
 WH Ireland, Nominated Adviser & Broker      0207 220 1666

 James Joyce / Sarah Mather
 Novum Securities, Joint Broker              0207 399 9400

 Jon Belliss

 

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